Quick Answer: What Are The Main Market Segments?

What are the 4 types of market segmentation?

Types of Market SegmentationGeographic Segmentation.

While typically a subset of demographics, geographic segmentation is typically the easiest.

Demographic Segmentation.

Firmographic Segmentation.

Behavioural Segmentation.

Psychographic Segmentation..

What are the 5 main different segments for demographics?

Demographic segmentation groups customers and potential customers together by focusing on certain traits that might represent useful markets for a business. What are the 5 main different segments for demographics? The five main demographic segments are age, gender, occupation, cultural background, and family status.

What are the 7 market segmentation characteristics?

Market Segmentation: 7 Bases for Market Segmentation | Marketing ManagementGeographic Segmentation: … Demographic Segmentation: … Psychographic Segmentation: … Behavioristic Segmentation: … Volume Segmentation: … Product-space Segmentation: … Benefit Segmentation:

How do you define customer segments?

Customer segmentation is the practice of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing, such as age, gender, interests and spending habits.

What are the 5 market segments?

What are the 5 Types of Market Segmentation? There are 5 ways to break down your customer profile into unique segments, including behavioral, psychographic, demographic, geographic, and firmographic!

What are the 6 market segments?

This is everything you need to know about the 6 types of market segmentation: demographic, geographic, psychographic, behavioural, needs-based and transactional.

What are 4 examples of demographics?

Most Common Demographics ExamplesAge.Gender.Race.Marital status.Number of children (if any)Occupation.Annual income.Education level.More items…

What are 3 ways to segment a market?

Types of Market SegmentationDemographic Segmentation. Start Targeting Your Ideal Customers. … Behavioral Segmentation. You can also segment your market based on consumers’ behaviors, especially regarding your product. … Geographic Segmentation. … Psychographic Segmentation.

What is an example of geographic segmentation?

Geographic Segmentation Examples An example of geographic segmentation is an ice cream company segmenting a country by how hot different regions are and targeting those specific areas that are hottest and therefore more likely to buy ice cream.

How do you build customer segments?

When determining how to segment your customers, start by working through the following strategy.Determine your customer segmentation goals. … Segment your customers into groups of your choice. … Target and reach your customer segments. … Analyze your customer segments and make adjustments as needed.

How do you target market segments?

Identifying target customer segments to focus your marketing resourcesStep 1: Create a list of target segments. … Step 2: Narrow the search to the most promising target segments. … Step 3: Select the target customer that offers the greatest potential. … Step 4: Validate current thinking and assumptions using market research.

What are the 3 target market strategies?

The three activities of a successful targeting strategy that allows you to accomplish this are segmentation, targeting and positioning, typically referred to as STP.

Why demographic segmentation is considered the most popular?

Demographic segmentation divides the market into smaller categories based on demographic factors, such as age, gender, and income. … This customer segmentation method is one of the most commonly used because it’s easy to acquire through census data, analytics software, consumer insights, and more.

Why do you need to focus on your first customer segments?

Targeting specific markets or customer segments allows you to understand their needs and behavior, and use that information to target your offerings and marketing strategies to the right people in the right way.

What are market segments examples?

For example, common characteristics of a market segment include interests, lifestyle, age, gender, etc. Common examples of market segmentation include geographic, demographic, psychographic, and behavioral.

What are the main customer segments?

6 types of customer segmentation modelsDemographic. At a bare minimum, many companies identify gender to create and deliver content based on that customer segment. … Recency, frequency, monetary (RFM) … High-value customer (HVCs) … Customer status. … Behavioral. … Psychographic.

What are the 4 methods of targeting?

There are typically 4 different types of market targeting strategy:Mass marketing (undifferentiated marketing)Segmented marketing (differentiated marketing)Concentrated marketing (niche marketing)Micromarketing.

What makes a good segment?

Regardless of your approach, a useful segmentation should include these six characteristics: 1) Identifiable. You should be able to identify customers in each segment and measure their characteristics, like demographics or usage behavior. 2) Substantial.